GROTON, CONN. — Institutional Property Advisors has brokered the sale of The Ledges Apartment Homes, a 339-unit multifamily property in Groton. The sales price was undisclosed. The property was built in 2004 and comprises 14 buildings on nearly 30 acres. The average unit size is 1,034 square feet. Victor Nolletti and Eric Pentore of IPA represented the seller, B.A.G. Investments Inc., in the transaction. The buyer was Merion Realty Partners.
ORLANDO, FLA. — An affiliate of Boston-based Taurus Investment Holdings has purchased Canopy Apartment Villas, a multifamily property located at 5762 Folkstone Lane in Orlando. Robbins Property Associates and Philadelphia-based LEM Capital sold the asset to Taurus for $47.9 million, or $161,993 per unit. Berkadia arranged a $35.2 million loan for the acquisition of the property. Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton, Fla., office arranged the 10-year, floating-rate loan with five years interest-only financing for the borrower. Fannie Mae provided the loan as part of its Green Rewards program. Developed in 1981, the property comprises 56 one- and two-story villa and townhome-style residential buildings featuring 296 units in a mix of one-, two- and three-bedroom units. The units have an average size of 1,090 square feet and an average market rent of $1,355. At the time of sale, the property was 96.3 percent occupied. All units at the property features private entries, fenced patios, ceramic tile flooring, modern maple cabinetry, washers and dryers, a wood-burning fireplace and two-inch mini-blinds. Select apartments have stainless steel appliances, 16-foot vaulted ceilings and California closets. Community amenities include two resort-style swimming pools with summer kitchens, a renovated clubhouse, cyber café, fitness …
SLIDELL, LA. — Carter Multifamily has acquired Pelican Pointe Apartments, a multifamily community located in Slidell, approximately 30 miles northeast of downtown New Orleans. An undisclosed seller sold the property for $28.6 million. Built in 2000, Pelican Pointe comprises 22 three-story residential buildings, a two-story clubhouse/office building and a maintenance building. The property features 266 units in a mix of one-, two- and three-bedroom layouts. Carter Multifamily plans to implement a renovation program to modernize the property. Renovations will include flooring, appliance and lighting updates in units, as well as upgrades to building exteriors and common areas. The buyer also plans to add a tech café, an outdoor kitchen with grills, bar seating by the pool, outdoor fitness trail, dog park and fire pits.
ROCK HILL, S.C. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $17.5 million in financing for the construction of HarborChase of Riverwalk, an 88-unit assisted living and memory care community in the Charlotte suburb of Rock Hill in South Carolina. An affiliate of OZ Real Estate is providing the capital on behalf of the borrower, private equity firm Bridgeforth Capital. HarborChase of Riverwalk, expected to open mid-2019, will feature 63 assisted living units and 25 memory care units. The development will be part of Riverwalk Carolinas, a master-planned community that will include more than 1,000 single-family homes and 550 apartments, as well as retail and restaurants. Additional amenities include recreational trails and outdoor spaces. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig and Timothy Hosmer.
ALLEN, TEXAS — KWA Construction has completed Larkspur at Twin Creeks, a 243-unit seniors housing community situated on eight acres in the northeastern Dallas metro of Allen. California-based Drever Capital Management and Dallas-based The Alder Group developed the property, which offers 18,000 square feet of amenity space, including a fitness center, crafts studio, game room and private wine lockers. Plano-based Architettura designed the project.
VERNON HILLS, ILL. — NorthMarq Capital has arranged $8 million in refinancing for Emerald Pointe Apartments in Vernon Hills, a northern suburb of Chicago. The 120-unit apartment property is located at 695 Westmoreland Drive. Brett Hood of NorthMarq arranged the fixed-rate Fannie Mae loan, which features a seven-year term.
LANDISVILLE, PA. — RED Capital Group has secured a $7.8 million construction loan for Tobacco Road apartments, an adaptive reuse of a historic building in Landisville. The loan will be used to develop the currently vacant brick property into a 66-unit apartment community. The structure, a former tobacco warehouse, consists of four connected buildings and was built in the early 1900s. The property is listed on the National Register of Historic Places. RED Capital Group secured the financing on behalf of developer, S. B. Conrad. The lender was undisclosed. When completed, the complex will include a mix of one-, two- and three-bedroom units.
WESTVILLE, N.J. — RPM Development Group has opened Westville Commons, a 55-plus apartment community in Westville, located just across the Delaware River from South Philadelphia. Affordable units are available for those who qualify, and the community was built to LEED Platinum certification using Passive House green building principles. Founded in 1986, RPM Development Group is one of the leading developers of affordable housing in New Jersey.
VIRGINIA BEACH, VA. — Besyata Investment Group and The Scharf Group have purchased Brookfield Apartment Homes, a multifamily property located at 1101 Craftsman Drive in Virginia Beach. Bonaventure Investment Group sold the property for $37.7 million. Constructed in the early 1970s, Brookfield comprises 44 two-story apartment buildings holding 352 units. The property includes two swimming pools, two community rooms and a tennis court. George Hankins and Victoria Pickett of CBRE|Hampton Roads teamed with William Roohan, Robert Dean III, Jonathan Greenberg, Yalda Ghamarian and Thomas Leachman of CBRE’s Multifamily Investment Properties team in Washington, D.C., to represent the seller in the transaction.
COLUMBIA, S.C. — Mag Mile Capital has arranged a $12.1 million bridge loan for St. Andrews Apartments, located at 601 St. Andrews Road in Columbia. The loan features an initial funding of $9.7 million with a 79 percent loan-to-value ratio and a $2.3 million future funding with a three-year initial term and two one-year extension options. Rob Bernstein of Mag Mile originated the deal, while Prabhat Jayara, Ian Carlos and Elizabeth Skrynecka, also of Mag Mile, provided the underwriting and closing services. The borrower, Cohen Investment Group, is utilizing the loan to make capital improvements to the property, increase the net operating income and secure either a CMBS or agency take-out or sale at exit. Constructed in 1974, the two-story property features 224 units in a mix of one-, two- and three-bedroom and townhouse-style layouts, a clubhouse, swimming pool, fire pit, volleyball court and playground.
